In this article, we will take a look at Leopold Aschenbrenner’s Portfolio: 10 Best Stocks to Buy.
Leopold Aschenbrenner is a former member of OpenAI’s superalignment team. In 2024, Leopold launched Situational Awareness LP, an investment firm focusing on artificial intelligence themes — compute, power generation, semiconductors, and the broader infrastructure behind large-scale AI model training. Aschenbrenner has publicly forecast that frontier AI systems are moving toward transformative capabilities by the latter half of this decade. And his portfolio reflects a thesis that electricity supply, instead of chips, will become a significant influential constraint on AI scaling. Accordingly, the portfolio leans heavily on independent power producers, fuel-cell suppliers, and data-center-related companies. According to its March 2026 quarter-end SEC filings, Situational Awareness LP’s 13F holdings totaled approximately $13.7 billion, including listed equity and derivative positions.
Aschenbrenner’s portfolio strategy gained fresh evidence this month, with Bloomberg reporting that the total wholesale power costs on PJM Interconnection — the largest US grid, serving 67 million customers across 13 states and Washington, D.C. — averaged $136.53 per megawatt-hour in Q1 2026 versus $77.78 in Q1 2025, a 75.5% year-over-year increase. In another report, Monitoring Analytics, PJM’s independent market monitor, quoted the following in its Q1 2026 State of the Market Report:
Data center load growth is the primary reason for recent and expected capacity market conditions, including total forecast load growth, the tight supply and demand balance, and high prices.
The subsequent price impacts on customers will be very large and irreversible, according to Monitoring Analytics. This further underscores Aschenbrenner’s thesis on AI scaling constraints and sparks interest in the billionaire’s portfolio.
Against this backdrop, let’s take a look at the 10 best stocks in Leopold Aschenbrenner’s Portfolio.
Our Methodology
To compile our list of 10 Best Stocks in Leopold Aschenbrenner’s portfolio, we reviewed the firm’s 13F filing for Q1 2026. We have avoided puts and calls in the portfolio and picked only the long equity positions. Further, we filtered the list using the percentage of portfolio value each stock represents and ranked them accordingly. We limited our final selection to companies that have recently reported noteworthy developments likely to impact investor sentiment. All the pricing data are current as of market close on May 20, 2026.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 498.7% since May 2014, beating its benchmark by 303 percentage points (see more details here).
10. T1 Energy Inc. (NYSE:TE)
Market value of shares owned: $43.9 Million
% of portfolio: 0.32%
T1 Energy Inc. (NYSE:TE) is one of the 10 Best Stocks in Leopold Aschenbrenner’s Portfolio.
On May 19, 2026, Roth Capital reiterated its Buy rating and $10.00 price target on T1 Energy Inc. (NYSE:TE) while dismissing a recent critical short report by Fuzzy Panda Research as “misleading”. The firm’s analyst, Philip Shen, stated that T1 Energy remains fully compliant with Foreign Entity of Concern (FEOC) rules. He further noted that the company’s licensing agreement with Evervolt is legally sound and excludes prohibited foreign entities.
Previously, T1 Energy Inc. (NYSE:TE) reported its first quarter of 2026 results on May 12, 2026, highlighting a record quarterly net income from continuing operations of $3.9 million and record adjusted EBITDA of $9.1 million. The management also confirmed that construction of its flagship 2.1 GW G2_Austin solar cell facility remains on schedule for initial production in Q4. Regarding this construction, Fuzzy Panda Research claimed a 12-to-18-month delay, but Roth Capital’s recent report dismisses this assessment and stated that the construction is proceeding exactly on schedule.
Founded in 2018, T1 Energy Inc. (NYSE:TE) is an emerging provider of solar energy solutions. Headquartered in Texas, the company focuses on building an integrated domestic supply chain for utility-scale photovoltaic (PV) solar modules and battery storage.
9. Solaris Energy Infrastructure, Inc. (NYSE:SEI)
Market value of shares owned: $62.5 Million
% of portfolio: 0.46%
Solaris Energy Infrastructure, Inc. (NYSE:SEI) is one of the 10 Best Stocks in Leopold Aschenbrenner’s Portfolio.
On May 13, 2026, Solaris Energy Infrastructure, Inc. (NYSE:SEI) completed nearly $2 billion in financing, closing its $1.3 billion inaugural senior unsecured bond at 6.375% and a new $650 million credit facility. The bond proceeds were used for retiring higher-cost debt, adding $800 million in net liquidity to the balance sheet. Concurrently, the company expanded a February 2026 contract by 130 MW, boosting its total contracted project investment by over 60%. The 10-year agreement maintains its original terms and includes an enhanced balance-of-plant scope.
In a separate event, Northland raised the firm’s price target on Solaris Energy (SEI) to $86 from $81 while maintaining an Outperform rating on the stock. According to the firm’s analyst Bobby Brooks, Northland feels Solaris has sufficiently addressed investor concerns on customer concentration with 1,100 MW of new contracts year-to-date from two different IG rate technology companies. With an open 600 MW of capacity available to contract and the likelihood of further capacity expansions, the analyst believes the stock will see further upside.
Founded in 2014, Solaris Energy Infrastructure, Inc. (NYSE:SEI) is a rapidly evolving leader in behind-the-meter (BTM) power generation and mobile infrastructure. Based in Texas, the company provides massive, turnkey molecule-to-electron power solutions to hyperscale AI data centers and industrial facilities.
8. CleanSpark, Inc. (NASDAQ:CLSK)
Market value of shares owned: $104.5 Million
% of portfolio: 0.76%
CleanSpark, Inc. (NASDAQ:CLSK) is one of the 10 Best Stocks in Leopold Aschenbrenner’s Portfolio.
On May 13, 2026, Keefe Bruyette raised the price target on CleanSpark, Inc. (NASDAQ:CLSK) from $14 to $16 while maintaining an Outperform rating on the stock. Similarly, on May 12, 2026, Maxim also adjusted its price target on the stock from $18 to $22 and maintained its Buy rating. CleanSpark, Inc. (NASDAQ:CLSK) posted second-quarter revenue and adjusted EBITDA below Wall Street estimates. Despite the miss, Maxim highlighted the company’s strategic diversification into AI infrastructure. The firm also noted that the company’s immediate power availability and proven track record of expanding power access at existing sites differentiate it as an AI data center developer, while competitors struggle with regulatory approval delays from power authorities.
Forming around 0.76% of Leopold’s Situational Awareness LP portfolio for the quarter ended March 31, 2026, CleanSpark, Inc. (NASDAQ:CLSK) holds a Consensus Buy rating from 12 analysts according to CNN. Based on estimates from these analysts as of May 20, 2026, the stock is expected to rise by 37.99% over the next year.
Founded in 1987, CleanSpark Inc. (NASDAQ:CLSK) is a Bitcoin mining company with exposure to the data center industry. The company is based in Nevada and controls a portfolio of power, land, and data centers across the U.S., powered by globally competitive energy prices.
7. Riot Platforms, Inc. (NASDAQ:RIOT)
Market value of shares owned: $142.2 Million
% of portfolio: 1.04%
Riot Platforms, Inc. (NASDAQ:RIOT) is one of the 10 Best Stocks in Leopold Aschenbrenner’s Portfolio.
Jefferies initiated coverage of Riot Platforms, Inc. (NASDAQ:RIOT), on May 14, 2026, with a Hold rating and a price target of $24 on the stock. The inclusion was part of Jefferies’ coverage initiated on four AI data center developers with legacy Bitcoin mining roots. While demand remains high, analysts note power availability as the “binding constraint,” making tenant credit, location, and execution crucial differentiators. For issuing a Hold rating on the company, Jefferies cited a lack of major deals, even though it possesses an attractive geographic footprint.
Prior to this, on May 6, 2026, Riot Platforms (RIOT) signed a memorandum of understanding with Terrestrial Energy (IMSR) to develop large-scale, nuclear-powered data centers for AI and high-performance computing. Through the partnership, the company seeks to deploy multiple 390 MW Integral Molten Salt Reactor (IMSR) plants, targeting up to 4 GW of clean capacity. Natural gas may serve as a bridge fuel to accelerate commercial operations and optimize power grid resilience.
Founded in 2000, Riot Platforms, Inc. (NASDAQ:RIOT) is a leader in digital infrastructure and digital asset mining. Headquartered in Colorado, the company operates some of the largest large-scale data centers and Bitcoin mining facilities in North America, with core operations anchored in central Texas and Kentucky.
6. Applied Digital Corporation (NASDAQ:APLD)
Market value of shares owned: $320 Million
% of portfolio: 2.34%
Applied Digital Corporation (NASDAQ:APLD) is one of the 10 Best Stocks in Leopold Aschenbrenner’s Portfolio.
On May 15, 2026, Needham raised its price target on Applied Digital Corporation (NASDAQ:APLD) from $48 to $51. The firm’s analyst John Todaro maintained a Buy rating on the stock. The adjustment arrives after hosting its management team at the Needham Tech Conference. Needham expressed increased confidence in Applied Digital Corporation (NASDAQ:APLD)’s operational trajectory. In particular, the analyst research notes highlight the company’s ability to execute on its 1GW pipeline under construction, secure incremental hyperscaler leases at new sites, and successfully diversify its tenant mix toward investment-grade credit.
Previously, in a separate event, Applied Digital Corporation (NASDAQ:APLD) announced the closing of its previously disclosed transaction to contribute its cloud business to EKSO Bionics Holdings. It resulted in the splitting of its cloud unit into an independent public firm, ChronoScale (CHRN). Currently trading on Nasdaq, ChronoScale operates as a GPU-based accelerated compute platform for heavy AI workloads. Applied Digital Corporation (NASDAQ:APLD) retains a 97% stake after receiving 138 million shares and investing $15.75 million in cash.
Founded in 2021, Applied Digital Corp (NASDAQ:APLD) builds and operates digital infrastructure for AI and computing companies in North America. Based in Texas, the company provides data centers and GPU computing solutions for businesses working in AI.
While we acknowledge the potential of APLD to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than APLD and that has 100x upside potential, check out our report about the cheapest AI stock.
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